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Southeast Asia stocks: Most slide on lockdown extension in parts of region, weak global data

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04/24/2020 | 12:41am EDT
Traders are seen in front of a screen with trading figures in red at Thailand Stock Exchange building in Bangkok

Most Southeast Asian stock markets fell on Friday as lockdown extensions in parts of the region and weak global economic data reminded investors of the damage caused by the coronavirus pandemic.

Also hitting sentiment was a report claiming Gilead Sciences Inc experimental coronavirus drug failed its first randomized clinical trial.

"Asian markets will likely be on the backfoot to close out the week with dismal PMI data reported across the globe. Investors will continue monitoring developments on the COVID-19 front with a setback on clinical testing for a treatment to the virus," analysts at ING said in a note.

U.S. business activity plumbed record lows in April, according to a survey, while weekly unemployment claims also rose.

In Southeast Asia, the Philippines led losses, falling as much as 1.6% after President Duterte extended the lockdown in the capital until May 15.

"The almost two-week extension will likely cripple Q2 GDP further as roughly 74% of the economy remains on home quarantine," ING analysts said.

Conglomerate Aboitiz Equity fell as much as 4.6%, while hotel operator Bloomberry Resorts fell 3.5%.

Malaysia shed as much as 1%, after the government extended movement restrictions in the country until May 12, which is likely to arrest economic activity.

Telecom company Digi.Com lost as much as 4%, hitting a more than two-week low, while oil and gas retailer Petronas Dagangan weakened about 3.3%.

Singapore's Straits Times Index declined as much as 1.6% to a near three-week low and is on track to post its biggest weekly loss since April 3.

Jardine Matheson Holdings tumbled as much as 5.3%, while Singapore Telecommunications fell over 2%.

Earlier in the week, the city-state too announced a lockdown extension until June 1.

Meanwhile, Thai stocks rose as much as 0.4%. The benchmark is on track to post its fourth consecutive weekly gain.

Insurer Premier Enterprise jumped 50%, while stainless steel products maker Thai-German Products climbed 25%.

For Asian Companies click;


Change on the day

Market Current Previous Pct Move


Singapore 2521.79 2542.37 -0.81

Bangkok 1275.96 1272.53 0.27

Manila 5539.6 5599.55 -1.07

Jakarta 4562.116 4593.554 -0.68

Kuala Lumpur 1374.49 1381.64 -0.52

Ho Chi Minh 772.37 773.91 -0.20

Change so far in


Market Current End 2019 Pct Move

Singapore 2521.79 3222.83 -21.75

Bangkok 1275.96 1579.84 -19.23

Manila 5539.6 7,815.26 -29.12

Jakarta 4562.116 6,299.54 -27.58

Kuala Lumpur 1374.49 1588.76 -13.49

Ho Chi Minh 772.37 960.99 -19.63

(Reporting by NIkhil Subba in Bengaluru; Editing by Ramakrishnan M.)

By Nikhil Subba

Stocks mentioned in the article
ChangeLast1st jan.
ABOITIZ EQUITY VENTURES, INC. 1.11% 45.5 End-of-day quote.-11.65%
BLOOMBERRY RESORTS CORPORATION 0.14% 7.38 End-of-day quote.-34.69%
CHANGE INC. -4.88% 8390 End-of-day quote.477.03%
DIGI.COM 0.76% 3.99 End-of-day quote.-10.54%
GILEAD SCIENCES, INC. -0.38% 59.965 Delayed Quote.-7.34%
JARDINE MATHESON HOLDINGS LIMITED 1.27% 43.03 End-of-day quote.-22.61%
LETS HOLDINGS GROUP CO., LTD. 0.89% 9.03 End-of-day quote.49.50%
LONDON BRENT OIL 1.97% 42.44 Delayed Quote.-35.20%
LOOK HOLDINGS INCORPORATED 6.89% 962 End-of-day quote.-23.16%
PETRONAS DAGANGAN 1.34% 18.12 End-of-day quote.-21.56%
PREMIER ENTERPRISE PUBLIC COMPANY LIMITED 50.00% 0.03 End-of-day quote.-57.14%
SET -0.24% 1213.61 Real-time Quote.-23.00%
SINGAPORE TELECOMMUNICATIONS LIMITED 0.47% 2.13 End-of-day quote.-35.84%
THAI-GERMAN PRODUCTS PUBLIC COMPANY LIMITED 0.00% 0.06 End-of-day quote.-14.29%
THE GLOBAL LTD. -3.54% 218 End-of-day quote.-53.72%
THE NEW HOME COMPANY INC. -1.88% 5.23 Delayed Quote.14.38%
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